Monday, May 27, 2024

Oil prices rose to $85 after OPEC+ maintained production cuts

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Oil prices rose yesterday, 3, to recoup part of the big losses in the previous session after the OPEC+ Joint Ministerial Watch Committee maintained oil production cuts.
Brent crude was up 10 cents at $85.91, while U.S. West Texas Intermediate crude was up 7 cents at $84.29.
Oil prices fell by more than five dollars following a meeting of the “OPEC+” coalition, which includes the Organization of the Petroleum Exporting Countries (OPEC) and others, while focusing on a gloomy macroeconomic outlook and declining demand for the fuel. Allies led by Russia.
The group did not approve any changes to the alliance’s oil production policy, and said Saudi Arabia would continue to voluntarily cut by one million barrels per day until the end of 2023, while Russia would voluntarily cut exports by 300,000 barrels. Day until the end of December.
“We still expect the market to see a deficit in the fourth quarter, and lower prices reduce the likelihood of OPEC easing supply controls,” National Australia Bank analysts said in a note.

“Potstam”: Europe needs $2 trillion to ditch fossil fuels

Europe could ditch fossil fuels and build a self-sustainable energy sector by 2040 by spending about 2 trillion euros ($2.1 trillion) on solar, wind and other renewables, a new study shows.
A study led by the Potsdam Institute for Climate Impact Research said annual investments worth 140 billion euros would be needed until 2030.
While most of this amount will go towards expanding offshore wind farms, solar, hydrogen and geothermal resources will serve as additional pillars of a strategy to help make Europe’s electricity needs exclusively from renewable energy sources by 2030.
According to a study seen by Reuters, it will take another decade to convert the entire energy system, including functions such as heating, currently provided by oil or gas, to renewable energy sources.
The study continued, “These numbers are large, but it is important to remember that estimates indicate that European countries have spent an additional 792 billion euros on the existing system alone to protect consumers from the consequences of the energy crisis caused by the Russian conflict in Ukraine.”

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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